Downtown Dubai. File Photo
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, said that the UAE has been able to create a robust investment and economic environment due to the clear vision of the country’s leaders. Their keenness to ensure high levels of happiness for residents, visitors and investors, and create a supportive environment for ideas and innovation, have helped make the UAE a leading lifestyle and business destination.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, sought to make Dubai and the UAE a land of opportunity for talent and a magnet for investments that can benefit not only the region but all of humanity, Sheikh Hamdan further said. This vision was transformed into reality through a clear strategy to ensure development efforts bring positive returns.
Sheikh Hamdan’s comments came in the context of a new report that shows that Dubai was a major beneficiary of changing global wealth trends in 2018. The ‘Global Wealth Migration Report’ for 2019, developed recently by AfrAsia Bank and New World Wealth, says that Dubai attracted more than 1,000 millionaires from outside the country, surpassing major cities like Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.
The report described Dubai as the most prominent financial centre in the Middle East, and one of the safest cities in the region as well as a popular destination for High-Net-Worth-Individuals (HNWIs) and wealthy expatriates. It also said that Dubai is an example of the power that business incentives have in encouraging business formation.
Approximately 2,000 HNWIs, each with at least $1 million worth of net assets, moved into the UAE in 2018, boosting the local economy. The number of affluent migrants in the UAE rose by two per cent in 2018, compared to the previous year, according to the report.
The 2019 ‘Global Wealth Migration Report’ said that global wealth migration saw an acceleration in 2018. Approximately 108,000 millionaires (HNWIs) migrated in 2018, compared to 95,000 in 2017. China saw a mass exodus of 15,000 millionaires in 2018, the most significant of any country in the world, followed by Russia, which saw an exodus of about 7000 millionaires. India saw an exodus of 5000 millionaires, while Turkey saw 4000, and France and the United Kingdom 3000 millionaires each.
The report reviewed the major factors that led to HNWIs moving outside their country to find a home that meets their needs. Key elements driving their relocation included security and safety, modern lifestyle, high standards of living, better educational opportunities and healthcare.
Driven by its success as a focal point for global trade, and an important transportation hub, Dubai has built a global reputation as a city with a highly developed infrastructure that boasts world-class standards in every sector. Based on an ethos of peaceful coexistence and tolerance, the UAE has become a worldwide model for harmony between people of different religions and ethnicities. The country is home to people of over 200 nationalities. Its strong legislative framework provides high levels of safety and security while its exceptional infrastructure provides high-quality tourism facilities, service levels and entertainment offerings.
The city offers many advantages that make it a haven for the world's wealthy. Millionaires flock to the emirate due to a range of exceptional business incentives, robust foreign trade and international connectivity. Dubai attracted over 16 million tourists in 2018 and has the ambitious target of welcoming 25 million tourists by 2025.
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